Have you ever found yourself wondering how to pay your affiliates? It can be confusing to know which payment method is the best for your business. There are so many options to choose.
At WOW TRK we list more than 200 affiliate networks and programs. When listing a network we ask them how they pay their affiliates. Based on our records the most popular affiliate payment methods supported by networks are as follows:
- Wire / Bank Transfer
- Web Money
This list contains just the top 10 most popular payment methods for affiliates and is in order from most popular to least.
Below we break down some of the most popular payment methods to give you more information about how they work.
One of the best ways to pay affiliates is through Paypal. Since it’s available in nearly every country, you don’t have to worry about currency conversion rates or bank transfers getting messed up.
And like credit card payments, your account will be debited immediately (usually)—a massive benefit for merchants dealing with very large affiliates and any affiliates.
Skrill is one of the best payment processing options for affiliate programs. It’s easy to use and has a low transaction fee, especially when compared with other credit card processors like PayPal or authorize net.
The Skrill affiliate program allows affiliates to get paid in over 40 different currencies. It’s a very flexible way of paying sellers, giving you more control over how much they are getting per conversion or sale.
For the longest time, some people have continuously relied on checks, but this is no longer a prevalent method. Whilst many networks still support payment via Check we know it’s not often requested by affiliates any longer. Although in some countries this method is still often used.
Check payments are very costly and slow. You must also keep check stubs as proof of the payment made. This can come in handy in case of a misunderstanding but does mean records are located offline and not from all your potential work locations.
Web money is an international payment system that is one of the best ways to pay affiliates from your affiliate program. This method allows you to use a significant number of tools for money transactions that the recipient will receive immediately after they are available in their account.
With Web Money, you can send and receive payments with minimal restrictions on currency or location, making it possible to pay affiliates from any country around the world. The system is easy to use and offers plenty of tools that can be used for affiliate program management, including an API for online stores.
Bitcoin has become a trendy way to pay affiliates. This is because there are no chargebacks or fees on the bitcoin network, and you can receive payments for free without paying transaction costs yourself.
In addition, no organisation gets involved with your affiliate program transactions as bitcoins also provides complete anonymity for all users on the blockchain ledger. A name, an email address and some other details are the only information required to send or receive any bitcoin payment.
Local Bank Transfer
Local bank transfer is one of the easiest ways to pay affiliates. First, you need to know the bank account number of your affiliate, their name and address.
This is all you have to do before making a transfer. If someone asks for any extra details, it might be an attempt at money laundering or even identity theft, so make sure that you keep everything in check and always ask questions if needed.
The best ways to pay affiliates from your affiliate program depends on the type of shopping cart software you use. All in all, the critical thing here is that it should be easy, reliable and efficient.
If you are looking to find out what payment methods affiliate networks and programs support you can easily find this information out on WOW TRK using our Affiliate Network Directory.